American businesses earned profits of $1.66 trillion at an annual rate in the third quarter, according to a Commerce Department report released Tuesday. That is the highest figure recorded since the government began keeping track over 60 years ago, at least in nominal or non-inflation-adjusted terms.

Corporate profits have been going gangbusters for a while. Since their cyclical low in the fourth quarter of 2008, profits have grown for seven consecutive quarters, at some of the fastest rates in history.

In this context, the animosity the business community directs towards Obama is a bit puzzling. At a moment where unemployment is close to 10 percent but corporate profits are soaring, you might expect a Democratic president to be bellowing populist anthems all the time, which Obama decidedly is not.